Posted by dittmerku on February 28, 2009 at 20:07:13 from (67.184.107.82):
In Reply to: Farm loans posted by Eric b illinois on February 27, 2009 at 18:42:44:
Well, my wife and I just paid off our farm 2 days ago! 80 acres. If you really look hard, like we did, you may find a person willing to finance the property for you. There's many people that will do this, you just have to reach out and talk to them. There's many reasons for the sellers: they may be older and want a steady 10-20 year income, with the knowledge that if you default, they get their farm back, and get to keep the $ you paid; they may think $ paid over years to them is a better investment than taking the $ and investing it elsewhere. (how many have lost 30-40% doing just that?)
As for you, you may get a simple interest rate, amortized over the period of years, that is affordable. You get ownership rights to the property immediately, subject to your paying the loan as agreed, and finally, you can negotiate the down payment.
This may sound impossible, but it happens and it works. We bought and paid for our farm this way (in Hancock County, Illinois).
As a side, I know plenty of people who are always crying that they cannot afford to buy any ground. I told some friends of mine to talk to our neighbor, who was a retired farmer and looking to sell. I told them to see if he would be willing to sell on terms like this. They all told me he'd never agree; they all found excuses for not buying the ground. Well, I told my brother, and guess what? He now owns 40 acres right next to me! and bought the same way.
My point is, talk to people. You'll get a lot of No's, but all you need is one yes. And they are out there.
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